If you buy in a good market, appreciation will beat cash flow every time. 

@Paul Whitehurst Without equity or cash it is very hard to scale.

If you don't have the extra cash, can you get creative with a private lender or partner stacked on bank debt? 

That looks pretty bad for your cash flow.

There is almost no scenario where a condo would ever positive cash flow while servicing debt, and very little positive cash flow with no debt.If your budget only allows for a condo, find a better place to put your money to work.   

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

It's the cash you put in that's your cost for the property. 

The most important rule is to have the cash flow of the new property be able to pay all its expenses, mortgage, AND the line of credit back.

Cash flow a must, appreciation a plus.

My underwriting would have this large negative cash flow for 7 years.I would do a thorough underwriting but want to show using quick math the issue so I will use the 50% rule.